How to determine taxes after selling an inherited home. When selling an inherited home, especially if it's out of state, consider how it'll impact taxes. Q: We live in North Carolina but I also own a home in New York City with my four siblings. We inherited the home from our parents and now each [...]
When you’re selling a two-family home, your “cost basis” will determine the taxes you owe. Q: I am in the process of selling my two-family home I have owned it since 1997. I have done major repairs on the tenant’s apartment and am wondering how do I figure out the amount of the tax I’ll [...]
Selling a home for less than it is worth, even to a family member, has implications for your taxes. Q: My nephew bought my mother’s house four years ago for around $400,000. At the time, my mother was having financial issues and needed money. He is now willing to sell it back to her for [...]
After divorce, your capital gains tax burden on the sale of a property owed with your ex-spouse can be difficult to determine. Q: I separated from my husband five years ago, was divorced four years ago. As part of the divorce decree, he was to live in the house until both of our children went [...]
It’s important to have a property title in place before you can sell, even if it means hunting down or replacing lost documents. Q: We purchased our property (2.4 acres) about 20 years ago. The main house is a mobile home on a cement foundation. During the process of selling our property, we discovered that [...]
When it comes to joint ownership and estate planning, it's important to understand whether you own the property as tenants in common or tenants with rights of survivorship. Q: I have a question. My brother and I got an apartment together nine years ago. We are joint owners. He was never married but has four [...]
Medicaid can penalize you for selling assets, like a second home, for less than they're worth. An attorney can help find the best solution for you and your family. Q: My parents own two homes, one is their primary residence, and the other belonged to my mother’s parents which she received upon their death. Both [...]
How joint ownership affects capital gains tax. Joint homeownership affects who pays capital gains tax when you sell, the cost depends on several factors. Q: I own my house, free and clear in Arizona, together with my two sons. If I sell, the capital gains tax is 15 percent. Do we each have to pay [...]
While there are several different types of real estate agents, each state has its own set of laws regarding how real estate agents may interact with buyers and sellers. Q: As a Realtor in Florida, I read your articles in our local paper (Sarasota Herald/Tribune). I think you should have clarified that each state has [...]
When you sell your home, you have to pay taxes on the sale. As in this reader's case, factors like a transfer of homeownership can affect the taxes you pay. Q: I have read several questions on your site related to quitclaim deeds and the cost basis when the house is sold. My question is [...]
